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Oil major Total, has accelerated its plans to step into the renewable and energy market with two new acquisitions. Total signed a deal with EREN RE, a renewables company for $285million, taking a 23% stake in the business with an agreement to take control over the company after five years.

Philippe Sauquet, Total’s president of gas, renewables and power, said of the deal: “It’s a major step towards our objective of achieving 5GW of installed capacity in five years.”
Total hopes this will speed up their growth in solar energy and move the company into new resources for securing a better future. There has been huge pressure on oil prices over the past two years which has forced Europe’s oil companies to invest into other areas and seek new resources for future revenue rather than relying on oil.

(Image via EREN)

Total have also acquired the energy efficient French company, GreenFlex. This deal was for an undisclosed amount, but Sauquet added that he ‘aims to make GreenFlex the linchpin of its growth in the energy efficiency industry in Europe.’

Greenflex forecasts 2017 revenues of more than 350 million euros. Both deals come after Total bought Maersk’s oil and gas business in a $7.5billion deal.

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